Background*

Mr. Terry J. Lundgren has been the Chief Executive Officer of Macy's, Inc. since February 26, 2003 and served as its President from May 1997 to March 31, 2014. Mr. Lundgren served as the Chief Operating Officer and Chief Merchandising Officer of Macy's, Inc. since April 15, 2002. He began his retailing career in 1975 with Bullock's at Macy's, Inc. For 12 years, he served positions of increasing responsibility in buying, human resources, senior-level store management ... and merchandising. He served as an Executive Vice president at Neiman Marcus, where he served as Chairman and Chief Executive Officer since 1988. Mr. Lundgren served as Federated Chairman and Chief Executive Officer of its Merchandising Group and served as its President and Chief Merchandising Officer since 1997 and Chief Operating Officer since 2002. He joined Federated in 1975 and served as its President of Bullock Wilshire operation since 1987. He worked at Federated Department Stores, Inc., Pension Arm. He left Federated in 1988. He was a Broadcast and Cable Television Executive. He serves as a Co-chairman of The Partnership For New York City, Inc. Mr. Lundgren has been the Chairman of Macy's, Inc. since January 15, 2004. He served as Chairman of Federated since 2004 and has been its Director since 1997. He served as the Chairman of National Retail Federation Inc. He served as the Chairman of National Minority Supplier Development Council Business Consortium Fund, Inc. until October 2012. From February 1994 to February 19, 1998, he served as the Chairman of the Federated Merchandising Group, a division of Federated. He has been Vice Chairman of Economic Club of New York since June 30, 2014. He has been a Director of Macy's, Inc., since May 1997. He has been a Director of Kraft Foods Group, Inc. since October 1, 2012. Mr. Lundgren serves as a Director of United Way of New York City and Committee Encouraging Corporate Philanthropy. He serves as a Director of National Retail Federation Inc. He has been a Director of The Federal Reserve Bank of New York since September 2011. He has been an Independent Director of The Procter & Gamble Company since January 8, 2013. He serves as a Trustee at Carnegie Hall Corporation. He served as a Director of New York City Investment Fund Manager, Inc. and National Minority Supplier Development Council Business Consortium Fund, Inc. He served as a Director of Mondelez International, Inc. from May 2012 to October 1, 2012. Mr. Lundgren received the retail industry's pre-eminent honor, the Gold Medal Award, from the National Retail Federation in 2008 and has been an active leader in many retail industry initiatives over many years. He was a Commissioner on women's economic development by the Mayor of New York in 2002 and was presented with Carnegie Hall's third annual Medal of Excellence for outstanding philanthropic leadership in the arts in 2008. Mr. Lundgren has Bachelor's Degree from the University of Arizona.

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